No recent news coverage impacting the business model or operations of Fidelity Solana Fund was identified.

The Trust offers investors a cost-effective and convenient way to gain exposure to SOL, including staking rewards, without the operational risks of direct SOL ownership. Its passive management and transparent fee structure may appeal to investors seeking regulated access to digital assets. The Trust's use of multiple qualified Custodians and trusted node operators for staking may enhance security and operational resilience. The growing adoption of the Solana network and its expanding ecosystem of decentralized applications and DeFi platforms could increase demand for SOL exposure through the Trust.

The Trust faces risks from the volatility and regulatory uncertainty of digital assets, including SOL. Operational risks include potential disruptions to the Solana network, staking risks, and reliance on Custodians and node operators. The Trust's net loss and lack of operating history may concern investors. Competition from other digital asset investment products and direct SOL ownership options may limit market share. Changes in regulatory frameworks or adverse tax treatment could impact the Trust's operations and investor demand. The Trust's fee structure, including staking fees, may reduce net returns to investors compared to direct SOL ownership.

The Trust's moat derives from its structure as a regulated exchange-traded product providing convenient access to SOL through traditional brokerage accounts, eliminating the complexities and risks of direct SOL ownership and transfer. Its use of qualified Custodians and trusted node operators for staking activities adds operational security and regulatory compliance. The passive management approach and transparent fee structure support investor confidence. The Trust benefits from the established Solana blockchain ecosystem and the Fidelity brand's reputation, which may provide competitive advantages in investor trust and market access. However, the Trust's moat is limited by the competitive landscape of digital asset investment products and the evolving regulatory environment for digital assets.

• Market and Regulatory Risks: The Trust is exposed to the volatility of SOL and the evolving regulatory environment for digital assets, which may affect the value of Shares and investor demand.
• Operational and Custodial Risks: The Trust relies on Custodians and node operators for holding and staking SOL, exposing it to risks of loss, disruption, or mismanagement.
• Network Risks: Disruptions or vulnerabilities in the Solana network, including denial-of-service attacks or protocol flaws, could adversely affect SOL value and the Trust's performance.
• Fee and Expense Risks: The Sponsor fee and staking fees reduce net returns to investors and may impact the Trust's competitiveness.
• Tax and Legal Risks: Uncertainties in U.S. federal income tax treatment of SOL and Shares may affect investor tax liabilities and the Trust's qualification as a grantor trust.

• Fidelity Solana Fund (the Trust) is a Delaware Statutory Trust formed on March 20, 2025, and commenced operations on November 17, 2025.
• The Trust issues common shares of beneficial interest representing fractional undivided beneficial interest in the Trust, listed on NYSE Arca.
• FD Funds Management LLC is the Sponsor; CSC Delaware Trust Company is the Trustee; State Street Bank and Trust Company is the Transfer Agent and Cash Custodian.
• Anchorage Digital Bank N.A., BitGo Bank & Trust N.A., and Coinbase Custody Trust Company, LLC serve as Custodians holding all SOL on behalf of the Trust.
• The Trust's investment objective is to track the performance of Solana (SOL) as measured by the Fidelity Solana Reference Rate (the Index), adjusted for expenses and liabilities, plus staking rewards.
• The Trust holds SOL and values its shares daily using the same methodology as the Index, which uses volume-weighted median price data from eligible spot markets.
• The Trust is passively managed, does not invest in derivatives, and does not use leverage.
• The Sponsor utilizes Custodians to stake the Trust's SOL with trusted node operators to generate staking rewards, which are shared with the Trust after fees.
• The Trust may use liquid staking tokens or purchase staked SOL in the future if legal and regulatory conditions permit.
• The Trust pays the Sponsor an annual unified fee of 0.25% of SOL holdings, with a fee waiver for the first six months after commencement.
• The Trust bears staking fees totaling 15% of staking rewards, paid to the Sponsor, Custodians, and Node Operators.
• The Trust had a net loss of $6,089,000 for the fiscal year ended December 31, 2025, as reported in its 10-K.
• The Trust operates under a Trust Agreement and sells or redeems shares in blocks of 25,000 shares (Baskets) based on SOL attributable to each share net of expenses.
• The Trust provides investors access to SOL through traditional brokerage accounts without the risks of holding or transferring SOL directly.
• The Trust's shares do not confer management control or voting rights to shareholders except in limited circumstances.
• The Trust's NAV per share is calculated using the Index price methodology, which is considered a Level 1 input under GAAP.
• The Trust's Sponsor assumes and pays all ordinary course fees and expenses except taxes and staking fees.
• The Trust's financial figures are summarized from the latest SEC filings and provided for informational purposes only, not financial advice.